New York/London, 20 April 2026 (dpa/MIA) - Oil prices rose sharply on Monday as renewed tensions between the United States and Iran rattled markets.

Brent crude for June delivery traded more than 7% higher than the previous week at $97 a barrel, while US benchmark West Texas Intermediate (WTI) posted similar gains. At the start of the escalation in late February, Brent had traded below $70.

The rally came after heightened tensions in the Strait of Hormuz, where the US Navy seized an Iranian vessel on Sunday.

The ship was en route to the Iranian port of Bandar Abbas when it was intercepted, the US Central Command (CENTCOM) said. Iran condemned the move as armed piracy and warned of retaliation.

The incident marks a further deterioration in relations between Washington and Tehran, coming just days before the expiry of a temporary ceasefire agreement.

The US side is due to travel to Islamabad for a second round of talks with Iran later on Monday, but Tehran has not yet confirmed its participation. According to Iranian state news agency IRNA, Tehran rejects holding a second meeting.

MIA file photo